April, 2010

LCDGlobalSnapshot €800B
Published by Standard & Poor’s
US
Leveraged Commentary
Total Volume & Data
Europe
Institutional www.lcdcomps.com
€600B
US Europe
€800B
€400B Total Volume Institutional
US Europe
Europe/U.S. Universe - S&P European Leveraged Leveraged
€800B Loan Volume
€600B Total Volume Institutional
Loan Index & S&P/LSTA Loan Index €200B
US Europe
€600B
€800B
€400B
€0B Total Volume Institutional
10 Largest Issuers Based Upon Current Par 2005 2006 2007 2008 2009 1Q10 2005 2006 2007 2008 2009 1Q10
€600B
€400B
Outstanding (€ & $) €200B

First Data Corp €200B

€400B
€0B
Ford Motor Company
2005 2006 2007 2008 2009 1Q10 2005 2006 2007 2008 2009 1Q10
Harrah’s Entertainment Inc €0B
€200B
HCA - The Healthcare Company 2005 2006 2007 2008 2009 1Q10 2005 2006 2007 2008 2009 1Q10
LyondellBasell Industries
NTL Inc €0B
US Europe
Tribune Company 100% 2005 2006 2007 2008 2009 1Q10 2005 2006 2007 2008 2009 1Q10

TXU Corp Source: Standard & Poor’s LCD

Univision Communications Inc 75%
Wind Telecommunicazioni Institutional Investors’
US Share of the Primary Market
Europe
100%
50%
10 Largest Industries Based Upon Current Par US Europe
100%
Outstanding (€ & $) 75%
25%
US Europe
Health care . . . . . . . . . . . . . . . . . . 9.8% 100%
75% NA*
Publishing . . . . . . . . . . . . . . . . . . . 7.0% 50%
0%
Business equipment and services . . 6.7% 2005 2006 2007 2008 2009 LTM 31/03/10
50%
75%
Chemical/Plastics . . . . . . . . . . . . . 6.4% 25%
Cable television . . . . . . . . . . . . . . . 6.2% NA*
Utilities . . . . . . . . . . . . . . . . . . . . . 5.2% 50%
25%
0%
Telcommunications . . . . . . . . . . . . 5.1% 2005 2006 2007 2008 2009
NA* LTM 31/03/10
Automotive . . . . . . . . . . . . . . . . . . 4.2% 0%
25%
2005 2006 2007 2008 2009 LTM 31/03/10
Broadcast radio and television . . . . 3.9% NA*
Retailers (other than food/drug) . . . 3.8% 0%did not track enough European observations to form a meaningful sample for 2009.
* LCD Source: Standard & Poor’s LCD
2005
US Europe
2006 2007 2008 2009 LTM 31/03/10
€600B
Rating Diversification (€ & $) Year-End Institutional Par Amount Outstanding
BBB- . . . . . . . . . . . . . . . . . . . . . . . 2.1%
BB+ . . . . . . . . . . . . . . . . . . . . . . . 5.6% €400B
US Europe
BB . . . . . . . . . . . . . . . . . . . . . . . 10.9% €600B
BB- . . . . . . . . . . . . . . . . . . . . . . . 12.1% US Europe
B+ . . . . . . . . . . . . . . . . . . . . . . . 19.3% €600B
€200B
B . . . . . . . . . . . . . . . . . . . . . . . . 16.1% €400B
US Europe
B- . . . . . . . . . . . . . . . . . . . . . . . . 11.0% €600B
Other . . . . . . . . . . . . . . . . . . . . . . 12.8% €400B
€0B
NR . . . . . . . . . . . . . . . . . . . . . . . 10.0% €200B 2005 2006 2007 2008 2009 31/03/10

€400B
€200B
€0B
For more information about LCD products, €200B 2005 2006 2007 2008 2009 31/03/10
contact Anna Cini at +44 20 7176 3997 or by €0B
Source: S&P European Leveraged Loan Index & S&P/LSTA Loan Index
2005 2006 2007 2008 2009 31/03/10
email at anna_cini@standardandpoors.com
or Sucheet Gupte at +44 20 7176 7235 or by €0B
email at sucheet_gupte@standardandpoors.com Total Return 2005 2006 2007 2008 2009 31/03/10

US Europe (Multi-Currency) Europe (EUR Denominated)

60%

40%

20% US Europe (Multi-Currency) Europe (EUR Denominated)

60%
0% US Europe (Multi-Currency) Europe (EUR Denominated)
40%
60%
-20%
20%
40% US Europe (Multi-Currency) Europe (EUR Denominated)
60%
-40%
20%
0%
40% 2005 2006 2007 2008 2009 1Q10

-20%
0% Source: S&P European Leveraged Loan Index & S&P/LSTA Loan Index
20%
-20%
-40%
0% 2005 2006 2007 2008 2009 1Q10
-40%
-20%
2005 2006 2007 2008 2009 1Q10